The Synopsis

In this Company episode of The Synopsis we draw on our 108-page research report on Airbnb; the company that pioneered the sharing economy and become a Silicon Valley poster child for what a succesful start-up can become.  Having started as a means to pay rent, Airbnb quickly turned into one of the world's largest accommodations provider. In a matter of just a decade, Airbnb was able to host more guests than Hilton could in 100 years. However, despite their large impact in how tens of millions of people traveled and millions more monetized  their unused properties, they struggled for years to turn a profit. That is until founder Brian Chesky decided to do something drastic and reshape the business—in the midst of Covid no less. In the matter of just a few years he took the business from losing $4bn a year to generating $3bn annually in free cash flow. With Airbnb having a firm grasp on the Alternative Accommodations segment, they are preparing to enter into new businesses and new verticals. Tune in for all of this and more!  Learn more about our 108-page report here.  For full access to all of our in-depth research reports, become a Speedwell Member here.  If you need help getting Speedwell Research to become an approved research vendor, so you can expense your subscription, please email info@speedwellresearch.com  *~*~*~* Mentioned Speedwell Memos:  Minimum Viable Products versus Maximum Possible Products Introducing the Piton Network Concept -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Airbnb Intro Section 1: Business History (5:33) — From RISD to SF (19:05) — Cereal Boxes, Y Combinator (34:12) — Early Airbnb Experience, Competitors, International (43:10) — First Disaster (47:21) — Toshi Hotels, Regulation  (52:50) — Covid, Pulling the IPO (1:01:50) — IPO *~*~* Section 2: Industry and TAM (1:05:27) — Business, How do they Make Money? (1:18:13) — Experiences (1:22:31) — Margins and Cost Structure (1:25:26) — TAM Discussion (1:39:21) — Categories of Competition *~*~* Section 3: Competitors and Competitive Differentiation (1:42:16) — Booking Competition (1:52:21) — Merchant vs Agent Business Model, OTAs (2:02:17) — Booking's Alternative Accommodation Push, Booking vs Airbnb (2:12:25) — Expedia, VRBO (2:25:47) — Other Competitors (2:30:47) — Comparing all Competitors, Network Effects, Differentiation (2:45:26) — Competitive Advantages (2:54:28) — Airbnb Negatives *~*~* Section 4: Other Bets, Capital Allocation, Valuation (2:58:33) — New Services, Super App (3:13:25) — ROIC and Free Cash Flow (3:20:04) — Capital Allocation, Stock Awards (3:27:44) — Growth Drivers (3:35:42) — Valuation (3:37:11) — Risks and Conclusion -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of recording contributors had a position in Airbnb. Furthermore, accounts contributors advise on also may have  a position in Airbnb. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our latest Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "The Consumer's Hierarchy of Preferences: Two Ends of the Strategy Spectrum"  Memo Link: Two Ends of the Strategy Spectrum 3rd Memo in the Series: Assessing Retail Strategies with The Inventory Value Capture Index on the Value Capture Index   -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – A Bit About this Memo (3:49) –Memo Reading Starts (15:39) – Explaining Some Key Ideas from the Memo -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more.  Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our latest Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "The Consumer's Hierarchy of Preferences: The Other Side of the Consumer Value Prop"  Memo Link: https://www.speedwellmemos.com/p/the-consumers-hierarchy-of-preferences  2nd Memo in the series on The Consumer's Hierarchy of Preferences  3rd Memo in the series on The Consumer's Hierarchy of Preferences -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – A Bit About this Memo (1:05) –Memo Reading Starts (15:39) – Explaining Some Key Ideas from the Memo -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more.  Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this Dialogue episode of The Synopsis, we give an update on Perimeter Solutions and Dream Finders Homes after 1Q25 earnings. Check out our written business updates for $DFH and $PRM below!  Dream Finders Homes 1Q25 Business Recap Perimeter Solutions 1Q25 Business Recap ~*~ For full access to all of our updates and in-depth research reports become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Intro (1:09) — Perimeter Solutions 1Q25 Recap (25:41) — Dream Finders Homes 1Q25 Recap -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of publication, one or more contributors to this report has a position in DFH and PRM. Furthermore, accounts one or more contributors advise on may also have a position in DFH and PRM. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this Dialogue episode of The Synopsis, we give an update on Meta and Coupang after 1Q25 earnings. We also make some comments post Airbnb new summer announcement. Check out our written business updates for $META and $CPNG below!  Meta 1Q25 Update Coupang 1Q25 Update  Meta Company Deep Dive Podcast Episode (Apple, Spotify) Coupang Company Deep Dive Podcast Episode  (Apple, Spotify) Last Memo Published: The Invisible Competitor ~*~ For full access to all of our updates and in-depth research reports become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Airbnb Comments post Announcement (1:53) — Meta 1Q25 Update (24:03) — Growth Vectors (29:26) — Coupang 1Q25 Update (42:37) — Forex Considerations with Investing -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of publication, one or more contributors to this report has a position in CPNG and META. Furthermore, accounts one or more contributors advise on may also have a position in CPNG and META. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this Dialogue episode of The Synopsis, we give an update on Airbnb after 1Q25 earnings. Check out our written business updates for $ABNB below!  Airbnb 1Q25 Business Update ~*~ For full access to all of our updates and in-depth research reports, including our CoStar Group and Evolution Extensive Research Reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:49) — Airbnb High Level Update  (6:40) — Diatribe on Sell-Side Analyst Q&A (9:00) — Airbnb Growth Slowdown and Macro (22:30) — Airbnb's New Businesses (29:30) — Valuation, Mature Margin Defense -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of publication, one or more contributors to this report has a position in ABNB. Furthermore, accounts one or more contributors advise on may also have a position in ABNB. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this Dialogue episode of The Synopsis, we give an update on CoStar Group and Evolution after 1Q25 earnings. Check out our written business updates for $CSGP and $EVO below!  CoStar Group 1Q25 Business Update  Evolution 1Q25 Business Update ~*~ For full access to all of our updates and in-depth research reports, including our CoStar Group and Evolution Extensive Research Reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:05) — William deGale Interview Comments (6:50) — CoStar Update, Growth vs S&M  (25:11) — Importance of BoD, Capital Allocation Committee (33:23) — Evolution Update, Revenue Growth Deceleration -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of publication, one or more contributors to this report has a position in CSGP and EVO. Furthermore, accounts one or more contributors advise on may also have a position in CSGP and EVO. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this brilliant interview with Blue Box Asset Mangement's William de Gale we talk about everything from how to account for growth and financial modeling to his own clever and insightful mental models for tech investing. William deGale is the Lead Portfolio Manger of the Blue Box Global Technology Fund and, as of the end of March 2025, the fund has returned ~17% per annum since inception in 2018.  *~*~*~*~*  Get access to all of Speedwell Research's in-depth Research Reports here. If you need help getting Speedwell added as an approved research vendor for your investment firm, please reach out to info@speedwellresearch.com  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Background (4:55) — Growth Expectations, Nvidia, Buying Optically Expensive Stocks (17:55) — Modeling and Reverse DCFs (21:28) — Riding the Tech Sector (25:19) — Why Tech and “Direct Connection” (34:43) — Disrupters vs Enablers (41:51) — GAAP adjustments and Mature Margin Frameworks? (53:15) — Circle of Competence in High Tech (57:51) — Champagne Glass Model of Tech Investing (1:08:13) — Position Sizing -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *~*~*~*~*  Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read an excerpt from our extensive research report of Airbnb! If you prefer to read instead of listen to the memo, you can find access to the article below. Read the Excerpt here: https://www.speedwellmemos.com/p/airbnb-business-history  *~* *Become a Speedwell Member or Purchase the Airbnb Single Report Here* -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:40) –Memo Reading Starts (13:45) – Upcoming!  -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of publication, one or more contributors to this report has a position in ABNB. Furthermore, accounts one or more contributors advise on may also have a position in ABNB. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/ 

In this interview we talk to Simon Kold, author of On the Hunt for Great Companies. We talk about creating value versus extracting it, network effects, as well as specific businesses like Dolby Atmos and Ryanair. We hope you enjoy!  *~*~*~*~*  ~Speedwell Mentioned Memos~  The Piton Network: Decisions that Simultaneously Support and Limit the Future Decision Space What is a Fair Investment Assumption? What is a Great Business? *~*~*~*~* Get access to all of Speedwell Research's in-depth Research Reports here. If you need help getting Speedwell added as an approved research vendor for your investment firm, please reach out to info@speedwellresearch.com  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Why Look for Great Companies (4:27) — Becoming a Great Company, Amazon (10:00) — Dolby Atmos (19:21) — Value Extraction (33:48) — Valuation Framework (45:43) — Airline's a Great Businesses? (54:18) — Epistemology -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *~*~*~*~*  Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this Dialogue episode of The Synopsis, we talk about the the potential impact of tarifs and the trade war, in addition to a RH 4Q24 Business Update.  ~*~ For full access to all of our updates and in-depth research reports, including our CoStar Group and Copart Extensive Research Reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Macro, Trade War, and Tarrifs  (10:24) — RH 2024 Overview  (16:19) — Worst Case Downside Scenario, Tariffs, Debt  (28:40) — Large Stock Repurchase  (33:22) — Upside and Why RH is Special   -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of publication, one or more contributors to this report has a position in RH. Furthermore, accounts one or more contributors advise on may also have a position in RH. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this Dialogue episode of The Synopsis, we answer listener questions and talk about RH, APi Global, Constellation Software, NVR, Dream Finder Homes, Axon, Copart, and a recent interview Drew Cohen gave with Compounding Quality. We hope you enjoy!   Mentioned Memo: An Interview on Investing with Speedwell's Drew Cohen ~*~ For full access to all of our updates and in-depth research reports, including our CoStar Group and Copart Extensive Research Reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:32) — RH and Macro (7:30) — APi Global Roll-Ups (and Constellation Software Parallels) (15:58) — NVR vs Dream Finders Home; Only Buy the Best? (26:30) — What Investment Rule do you Disagree With?  (31:20) — Axon, Copart, and Culture (38:59) — How to Make a Decision   -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our latest Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is an unedited reproduction of an interview with Speedwell's Drew Cohen that was orginally featured on Compounding Quality's newsletter. All questions are from Pieter Slegers of Compounding Quality.  Read the Interview Transcript Here : https://www.speedwellmemos.com/p/an-interview-on-investing-with-speedwells  *~* Memo mentioned: The Invisible Competitor: https://www.speedwellmemos.com/p/the-invisible-competitor-when-creating  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — About this Memo (1:43) — First Question (8:48) — Research and Making Decisions (12:22) — Best Investment  (18:02) — Key Characteristics for Great Investors (24:24) — Book Recommendations -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more.  Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this Dialogue episode of The Synopsis, we give an update on CoStar Group and Copart. Check out our written business updates for $CSGP and $CPRT below!  CoStar Group 4Q24 Business Update  Copart: 2Q25 Business Update (Calendar 4Q24) ~Mentioned Memos~ Accounting Memo: Alibaba, JD, and the $330bn Footnote ~*~ For full access to all of our updates and in-depth research reports, including our CoStar Group and Copart Extensive Research Reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro ~CoStar Group~ (1:58) — CoStar Overview  (10:55) — Sales Force, Growth, Homes.com  (23:06) — Better Bear Case, Valuation, Andy Florance as a CEO ~Copart~ (31:51) — Copart Overview and Tailwinds (47:45) — International, Purple Wave, Tariffs, Valuation  -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of publication, one or more contributors to this report has a position in CSGP and CPRT. Furthermore, accounts one or more contributors advise on may also have a position in CSGP and CPRT. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this interview we talk to Right Tail Capital's Founder, Jeremy Kokemor. Jeremy has been in the investment world for almost 3 decades and started his own investment firm back in 2022. In this conversation, he shares his experience running an investment advisory firm, how he picks stocks, and talks about 3 of his past investments in quality businesses. We hope you enjoy!  *~*~*~*~*  Get access to all of Speedwell Research's in-depth Research Reports here. If you need help getting Speedwell added as an approved research vendor for your investment firm, please reach out to info@speedwellresearch.com  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Right Tail Capital Investment Philosophy (1:58) — How the Business of Investing Interrupts Good Investing (9:21) — Absolute vs Relative Return, Stock Selection (19:43) — Biggest Position, NVR, Dream Finders Homes, and Home Builders (31:26) — Murphy USA, Gas Station Industry (49:24) — Ferguson, Plumbing and HVAC B2B Distributors, Floor & Decor Similarities (1:01:24) — When Research Changed an Investment Thesis, Why Not Call it Left Tail Capital?    -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *~*~*~*~*  Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this Dialogue episode of The Synopsis, we  give an update on Dream Finders Homes and Floor & Decor. Check out our written business updates for $FND and $DFH below!  Dream Finders Homes 4Q24 Business Update  Floor & Decor 4Q24 Business Update ~Mentioned Memos~ Home Depot Memo: Priced to Outperform Perfection For full access to all of our updates and in-depth research reports, including our Dream Finders Homes Exploratory Report and our Floor & Decor Extensive Research Reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes Dream Finders Homes 4Q24 Business Update  *~* (0:00) — Where's the Letter? (1:34) — High Level Overview (5:27) — Acquisition Model Similar to Constellation Software (9:20) — Rare Case where ROE makes more Sense, Riff on Bank Balance Sheets (12:57) — Operating Income, Tariffs, Non-homebuilder Acquisitions (20:04) — Valuation   Floor & Decor 4Q24 Business Update *~* (24:00) — Overview, Same Store Sales Controversy (33:45) — Founder Operators versus Professional Managers, Cabinet Selection Concerns, Store Roll Outs Slowing (42:00) — Tariffs, Spartan, Operating Leverage (49:12) — Valuation -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of publication, one or more contributors to this report has a position in FND and DFH. Furthermore, accounts one or more contributors advise on may also have a position in FND and DFH. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this Company episode of The Synopsis we draw on our 75-page research report on Axon Enterprises, a leading law enforcement technology provider, for a very in-depth break down of the company. Founder Rick Smith took a failed concept—the TASER—and not only created a succesful business around it, but made it become a mainstay of policing. Not content to just reinvent how policing worked in the field, Axon pushed into other critical areas of law enforcement like officer video, cloud-based data management, and vertical software. A 1,000x return since going public in 2001, Axon is one of the highest returning stocks of all time. But more interesting than the investment returns, is all of the lessons we can learn from Billionaire Founder Rick Smith.  Learn more about our 75-page research report here.  For full access to all of our in-depth research reports, become a Speedwell Member here.  If you need help getting Speedwell Research to become an approved research vendor, so you can expense your subscription, please email info@speedwellresearch.com  *~*~*~* Mentioned Speedwell Memos:  Minimum Viable Products versus Maximum Possible Products How Axon's Founder Built a $35bn Business: 10 Lessons from Rick Smith -*-*-*-*-*-*-*-*-*-*- Show Notes Part 1: Founding History and Background (0:00) Axon Overview (3:34) — Background of the Advent of the TASER (12:08)— Rick Smith Reinvents the TASER and the Founding of AirTaser (15:39) — AirTaser Early Struggles (23:20) — Taser International rename, Going Public (34:36) — Broadening their Mission and Product Lines, Introducing Axon (43:47) — R&D Fumbles, Importance of Knowing when to Iterate vs Innovate (51:11) — Axon Camera Business Frictions,  Gaining Adoption and Building a Competitive Moat (1:17:57) — Concluding History *~* Part 2: Financials, Industry, Competition, and Valuation (1:26:22) — Revenue Segments, Business Model (1:43:39) — Profitability and Mature Margins (1:47:45) — Industry and TAM, Pricing Power (1:57:59) — Competition (2:29:38) — Why Axon Wins (One Breath Take) (2:33:36) — ROIC, Mature Profitability, Free Cash Flow (2:40:51) — Valuation (2:44:07) — Risks (2:49:01) — Free Axon Resources from Speedwell -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of recording contributors had a position in Perimeter Solutions. Furthermore, accounts contributors advise on also may have  a position in Perimeter Solutions. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read an excerpt from our extensive research report of CoStar Group! If you prefer to read instead of listen to the memo, you can find access to the article below. Subscribe to Drew Cohen's YouTube Channel Here CoStar Group Memo Link:  https://www.speedwellmemos.com/p/costar-business-history   *~* *Become a Speedwell Member or Purchase the CoStar Group Single Report Here* -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – YouTube Announcement and Episode Formats (2:33) –Memo Reading Starts (24:18) – Upcoming!  -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this Dialogue episode of The Synopsis, we  give an update on Coupang and Perimeter Solutions. Check out our written business updates for $CPNG and $PRM below!  Coupang 4Q24 Business Update  Perimeter Solutions 4Q24 Business Update  For full access to all of our updates and in-depth research reports, including our Airbnb and Evolution Extensive Research Reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Intro (1:02) — Coupang 4Q Update (27:35) — Perimeter Solutions 4Q Update   -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of publication, one or more contributors to this report has a position in CPNG and PRM. Furthermore, accounts one or more contributors advise on may also have a position in CPNG and PRM. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this insightful conversation we talk with Philz Coffee Cofounder, Jacob Jaber, on what it was like to build and operate a coffee business from a single counter in a bodega to chain of 75 stores. Jacob talks about the many things he learned operating in the extremely competitive food and beverage industry, while also distilling his experience down to general business lessons that are highly applicable to many industries. We hope you enjoy it!  *~*~*~*~*  Get access to all of Speedwell Research's in-depth Research Reports here. If you need help getting Speedwell added as an approved research vendor for your investment firm, please reach out to info@speedwellresearch.com  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Intro (0:48) — Philz Coffee Founding History (4:25) — What Need Did Philz Coffee Fulfill? (12:14) — Forgoing Sales and Creating Fricition (16:30) — Scaling, Ambitions, and Growth (25:46) — Raising Capital,  Store Economics, ROIC (37:50) — What Changes with Scale, Keeping Consumer Surplus (43:30) — Figuring out Price, Competition (51:18) — Identifying and Investing in New Business Concepts (59:24) — How Running a Business changed Jacob as an Investor (1:05:49) — Purpose -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *~*~*~*~*  Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this Dialogue episode of The Synopsis, we debreif on our Todd Haushalter interview and give an update on Evolution and Airbnb. We also talk about the "blue sky" scenario of Airbnb's ambitions. Check out our written business updates for $ABNB and $EVO below!  Evolution 4Q24 Business Update  Airbnb 4Q24 Business Update  For full access to all of our updates and in-depth research reports, including our Airbnb and Evolution Extensive Research Reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Debrief on Evolution's Todd Haushalter Interview  (12:39) — Evolution Update (33:25) — Airbnb Update (41:05) —  SuperApp Ambitions -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of publication, one or more contributors to this report has a position in ABNB and EVO. Furthermore, accounts one or more contributors advise on may also have a position in ABNB and EVO. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this wildly insighful conversation with Evolution's Chief Product Officer Todd Haushalter, we have a wide ranging conversation on everything from Evolution's moats and why its so hard to make great product to game innovation and how Evolution plans to stay ahead of the competition.  Todd Haushalter joined Evolution in 2015 and is responsible for having created billions of dollars of value for the company, in addition to having created many new live casino gaming formats that are among players favorites. Many in the industry joke that he and his team at Evolution are the R&D department for the entire industry. When Evolution rolled out Lightening Roulette, competitors followed with Quantum Roulette and Mega Roulette. Rather than getting caught up in competing with copycats, Todd pushes his team to always focus on the player, delivering the best gaming experience for them. All sorts of subtleties from camera angle switches to the timing of ball drops reflect Todd's relentless pursuit of an unparalleled player experience. Whereas competitors compete on price, his games win because players actively seek them out. Whether you are familiar with live casino or not, everyone can learn from Todd Haushalter's business and operational acumen, which is flowering with insights that only a truly passionate and driven operator could articulate. To read Speedwell's in-depth 74-page research report on Evolution, become a member or purchase a single report here. With a membership you will also get access to Evolution's business updates and all of our other reports.  You can listen to our 2h+ company podcast on Evolution here: (Apple, Spotify).   *~*~*~*~*  Get access to all of Speedwell Research's in-depth Research Reports here. If you need help getting Speedwell added as an approved research vendor for your investment firm, please reach out to info@speedwellresearch.com  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Intro (1:20) — Journey to Evolution? Taking Sermons from Evolution (6:25) — Game Innovation and Dream Catchers (13:57) — Why Todd gets called Steve Jobs; Dark side of Product Development; Culture (21:01) — The Nitty Details of Gaming Math (31:03) — The Art of Making a Game (42:33) — Setting up a Competitor with 10 billion Euros (50:59) — How OSS Changes Competition (1:00:34) — Slots and Growth Inflection (1:05:11) — Recommendations and AI; Social (1:22:25) — Why do People like Live Casino? (1:31:14) — Why would Todd Leave Evolution? (1:38:23) — Aggregators? (1:52:55) — Fear? (1:57:40) — Is the Stock a Buy? -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *~*~*~*~*  Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our latest Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "The Invisible Competitor: When Creating Value is Better than Fighting for It " Memo Link: https://www.speedwellmemos.com/p/the-invisible-competitor-when-creating  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – A Bit About this Memo (0:59) –Memo Reading Starts (21:08) – Connecting this Memo  -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more.  Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this fun and insightful conversation we talk to Matt Reustle. Matt was a credit analyst and then equity analyst at Goldman Sachs in New York. He later worked on the buy-side and then moved to become Colossus's CEO, which is the podcast group responsible for Business Breakdowns and Invest Like The Best. We talk about what people misunderstand about the Sell-side, why most investors fail with management meetings, what he learned from 200+ business breakdowns, and a few investing successes, as well as failures. We hope you enjoy!  You can download Matt Reustle's guide on meeting with management here.  Our memo on issues with the Sell-side can be read here.  *~*~*~*~*  Get access to all of Speedwell Research's in-depth Research Reports here. If you need help getting Speedwell added as an approved research vendor for your investment firm, please reach out to info@speedwellresearch.com  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Intro (1:12) — Misunderstandings on what is the Sell-side (9:15) — Quick Insight into Credit Research (11:58) — Conflicting Prerogatives of a Sell-side analyst (19:14) — Why Most Investors Fail with Management Meetings (29:50) — Business Breakdowns Takeaways (36:24) — What Makes a Great Analyst (44:29) — Matt's Investing Style and 2 Stocks (54:34) — What being CEO of Colossus taught Matt about Investing (58:16) — Consumer Surplus's Role in Great Businesses (1:02:51) — Does a Great Business Mean it Last a Long Time? (1:09:00) — The Pain that is UPS (1:12:56) — Conclusion -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *~*~*~*~*  Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this interview, we talked with Barry Schwartz and Ernest Wong from Baskin Wealth Management on their investing philosophy and we cover a great variety of businesses. We discuss if you can quality invest in the energy sector, high multiple stock valuations, Costco vs Transdigm, how to rebase expectations, and differences in management of a fund versus seperately managed accounts, as well as much more! We hope you enjoy!  *~*~*~*~*  Get access to all of Speedwell Research's in-depth Research Reports here. If you need help getting Speedwell added as an approved research vendor for your investment firm, please reach out to info@speedwellresearch.com  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Intro (0:51) —  Baskin Wealth Management and Investing in Great Companies (4:38) — Fund Structure versus Separately Managed Accounts (SMAs)  (12:12) — Where to Base Expecations?  (21:57) — Can you Quality Invest in Energy? (32:31) — How to Deal with Terminal Value, High Multiple Stocks  (39:08) — High ROIC companies with limited reinvestment runway (42:58) — Can you Overextract Consumer Surplus? Transdigm vs Costco (52:02) — Portfolio Allocation (55:17) — Mistakes and When Quality isn't Quality, Paypal circa 2021  (1:06:19) — What Makes a Terrible Investor? (1:11:49) — Conclusion -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *~*~*~*~*  Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this company focused interview, we talk with Abdullah Al-Rezwan, known on Twitter as Mostly Borrowed Ideas. We focus on just two companies: Spotify and Lululemon. In our Spotify segment we cover what an investor would have thought in 2021 about Spotify without the ex post facto analysis and walk through developments in the audio company up to current day. Our Lululemon discussion is centered around the recent shift in market sentiment on the business and how valid the adverse risks are.  You can find more about MBI and become a member to his research service here.  *~*~*~*~*  Get access to all of Speedwell Research's in-depth Research Reports here. If you need help getting Speedwell added as an approved research vendor for your investment firm, please reach out to info@speedwellresearch.com  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Intro Spotify Case Study (3:29) — Spotify Background and Original Investment Thesis (14:38) — Comparisons to Netflix  (21:41) — Spotify Advantages and Industry Dynamics (30:42) — Summarizing the Spotify Thesis (46:12) — What an investor could have seen in 2021 (53:32) — Pricing Discrimination and Pricing Power (57:45) — Clarifying the Bull Case (1:01:03) — Spotify Progress in 2023 (1:11:32) — Tech Risk Exposure   Studying the Lululemon Drawdown and Sentiment Shift (1:19:24) — Shifting to Lululemon (1:22:54) — Bear critiques are cliche (1:26:33) — Why is the Business so Successful?  (1:34:00) — Lululemon Bear Case and Rebuttal (1:45:17) — Alo and Lulu Consumer Preferences (1:47:14) — Risk and Making a Decision on Lulu (1:56:45) — Conclusion -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *~*~*~*~*  Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read an excerpt from our extensive research report of Axon! If you prefer to read instead of listen to the memo, you can find access to the article below. Memo Link:  https://www.speedwellmemos.com/p/axon-business-history  Become a Speedwell Member or Purchase the Axon Single Report Here -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:25) –Memo Reading Starts (24:30) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this company focused interview, we talk with The Science of Hitting's Alex Morris on the Dollar Tree, Netflix, Disney, Match Group, Airbnb, and Spotify, in addition to touching on thoughts around when to exit a postion and how to stay open to new information. The Science of Hitting Research (or TSOH for short) is an investment research service that provides subscribers in-depth analysis on public equities. Learn more about it here.  You can purchase Alex's new book, Buffett and Munger Unscripted, which curates decades of Berkshire Hathaway Annual Meeting wisdom here. *~*~*~*~*  Get access to all of Speedwell Research's in-depth Research Reports here. If you need help getting Speedwell added as an approved research vendor for your investment firm, please reach out to info@speedwellresearch.com  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:44) — The Science of Hitting Research ( 5:01) — Confidence in a Circle of Competence vs Consumer Fickleness (8:21) — Dollar Tree: Does macro impacts mean the consumer value prop is weak? (32:17) — SVOD, 21st Century Fox, and a Netflix Case Study (40:57) — Why couldn't Disney beat Netflix? (47:16) — When stock valuations drive business operations (53:43) — How to think about valuation and when to sell (1:06:44) — Match Group and the Dating Industry (1:20:11) — Airbnb thoughts and Brian Chesky's Moonshot (1:32:46) — Mistakes, Spotify (1:39:40) — Good News, Page 379 is Free, and I Don't Know (1:41:43) — Conclusion -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *~*~*~*~*  Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this Dialogue episode of The Synopsis, we took notes on all of our listener questions and answered different ones instead. In this wide ranging discussion we talk about lessons from the most boring business we covered, investing myths, our research process, and, yes, our listeners' questions too. Enjoy!  For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (1:00) — 2025 Reports to Come (6:05) — Most Interesting Things about the Most Boring Company we Covered (8:22) — Intel, Pitons, Windows, and Etsy (12:35) — Business Most Worried About (24:13) — Investing Myths, LVMH, Risks (37:13) — The Research Process (48:41) — Evolution News on UK Gambling Commission (57:48) — Don't Miss This, Podcast Growth Stats -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this Company episode of The Synopsis we cover Perimeter Solutions. Perimeter Solutions is the sole provider of a key fire fighting product, as well as other fire safety solutons. They went public through an acquistion vehicle controlled by Transdigm Founder and Billionaire, Nick Howley, as well as "The Outsiders" Author, William Thorndike. Nick Howley wants to apply the same model that made Transdigm so succesful to Perimeter Solutions.  Access the Free Portion of our Perimeter Solutions Exploratory Report Here  For full access to all of our in-depth research reports, become a Speedwell Member here.  If you need help getting Speedwell Research to become an approved research vendor, so you can expense your subscription, please email info@speedwellresearch.com  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:47) Background Story on their Main Firefighting Product (4:42) — Corporate History and Everarc SPAC (7:57) — Aren't SPACs a red flag? Weird Compensation Agreement (13:03) — Business High Level Overview: Fire Safety and Specialty Products (18:45) — Adjusted EBITDA??? (20:30) — Figures and Margins (24:30) — Competitive Advantages of each Business Lines (40:17) — Growth Opportunities (53:22) — Capital Allocation and Transdigm Parallels (1:04:53) — ROIC (1:07:55) — Odd Compensation Arrangement (1:15:47) — Valuation (1:17:34) — You Should Know This -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of recording contributors had a position in Perimeter Solutions. Furthermore, accounts contributors advise on also may have  a position in Perimeter Solutions. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our latest Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "What is a Fair Investment Assumption? " Memo Link: https://www.speedwellmemos.com/p/what-is-a-fair-investment-assumption  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Housekeeping / Intro (0:25) –Memo Reading Starts (15:25) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more.  Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this Dialogue episode we give an update on two of our companies: Copart and Coupang! We talk about Coupang's new entrance into the luxury market and two call options for Copart. Plus a short diatribe on Temu and Aliexpress.  You can read the 3Q24 business update on Coupang here and on Copart here. *Note: it is Copart's 1Q25 fiscal year*  *Apologies, but it seems the mic recorded lower sound quality at times. We will fix it for future episodes*   *~*~*~*~*~*~*~*~*~*~*~* For Coupang and Copart we have an in-depth, company-specific episode. These are evergreen and extremely comprehensive deep dives on each company.  Listen to the Coupang ($CPNG)Company Podcast Episode here: (Apple, Spotify) Listen to the Copart ($CRPT) Company Podcast Episode here: (Apple, Spotify) *~*~*~*~*~*~*~*~*~*~*~* *Mentioned Memos* Read one of our most popular memos on Wish here: The Future of Ecommerce That Wasn't: An In-depth Look into What Went Wrong with Wish Listen to our Dialogue Podcast on Wish here: Apple, Spotify  -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Intro Coupang (0:56) — Coupang (10:34) — Cash Flow Dynamics (14:45) — Taking on the Luxury Market (18:11) — The Lower End Market Threat with Temu and AliExpress (23:30) — New markets and growth opportunities Copart (28:28) — Copart (34:56) — Long Term Growth Rate Variables (35:46) — Annoying Copart Question (38:51) — Their Big Call Option (48:09) — International (50:42)— Valuation Three Ways (1:21:00) Another Call Option -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this Dialogue episode we give an update on three of our companies: Axon, Constellation Software, and Dream Finders Homes. Plus a short tirade on the OTAs business model and companies that don't host quarterly earnings calls!  You can read the 3Q24 business update on all three companies here. (The written update is partially paywalled, so become a Speedwell Member today! Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it.)  For full access to all of our updates and in-depth research reports, become a Speedwell Member here. *~*~*~*~* For Dream Finders Homes and Constellation Software we have longer, in-depth podcast episodes which you can listen to below. These are evergreen and give a lot of more details on each companies' history, business, industry, and competitve dynamics. Axon will be coming soon!  Listen to the Dream Finders Homes ($DFH)Company Podcast Episode here:  (Apple, Spotify) Listen to the Constellation Software ($CSU) Company Podcast Episode here: (Apple, Spotify)   -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Intro (1:37) — This Doesn't Make Sense: Booking Holdings Diatribe on Merchant vs Agency Model (5:43) — Companies that Get Away without Quarterly Earnings Calls (8:42) — DFH Update on Housing and Business Model (18:49) — Axon Quick Overview and Update (33:07) — CSU Update, FCFA2S, and Valuation  (42:47) — Coming Soon From Speedwell Research -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this investment focused interview, we talk with Twitter's Compounding Quality on his investment philosophy, 3 step approach to valuation, how he screens for companies, when to sell, and much more!  Find out more about Compounding Quality here and follow him on Twitter @QCompounding The mentioned Speedwell memo on Sell Side Price Targets can be found here.  *~*~*~*~*  Get access to all of Speedwell Research's in-depth Research Reports here. If you need help getting Speedwell added as an approved research vendor for your investment firm, please reach out to info@speedwellresearch.com  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro and Compounding Quality's Investment Philosophy (4:43) What defines a "quality" company? (9:34) How important is a great manager? (13:16) Overview on Judge's Scientific (19:05) Issues with Sell Side Reports (22:26) Compounding Quality's 3 Step Approach to Valuation (34:03) Pieter's Worst Investments Ever (37:17) Does the Stock Market serve you or do you serve it? (45:49) Screening for Stocks (55:15) Moats as a Margin of Safety (1:02:21) Meta and Re-checking the Investment Thesis (1:09:09) The Best thing that Ever Happened to Pieter (1:12:04) The Only Business Compounding Quality Sold (1:19:30) When do you sell a quality company? -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *~*~*~*~*  Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our latest Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "How Axon's Founder Built a $35bn Business: 10 Lessons from Rick Smith" Memo Link: https://www.speedwellmemos.com/p/how-axons-founder-built-a-35bn-business Get access to our full $AXON Research Report here.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Housekeeping / Intro (1:03) –Memo Reading Starts (19:28) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this Dialogue episode we talk about 3Q24 earnings for Floor & Decor, Meta, and Etsy. You can read this entire 3Q24 earnings update for free here.  For full access to all of our updates and in-depth research reports, become a Speedwell Member here. *~*~*~*~* Link for Podcast Mentioned in the Show: "Dialogue. Meta, Etsy, and Snowballing Risks" (Apple, Spotify) *~*~*~*~* For all three companies we have longer, in-depth podcast episodes which you can listen to below. These are evergreen and give a lot of more details on each companies' history, business, industry, and competitve dynamics.  Listen to the Floor & Decor ($FND) Company Podcast Episode here:  (Apple, Spotify)  Listen to the Meta ($META) Company Podcast Episode here: (Apple, Spotify) Listen to the Etsy ($ETSY) Company Podcast Episode here: (Apple, Spotify)  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) - How we think about Quarterly Updates  (5:55) - Floor & Decor: Deviating from the Long-term Plan?  (33:06) - Meta: Business Firing on All Cylinders  (48:14) - Etsy: Why are “Polar Opposite” Offerings Taking Share? -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this episode we talk about 3Q24 earnings for CoStar Group ($CSGP) and Evolution ($EVO). The free versions of the earnings updates can be found here: CoStar Group, Evolution  For full access to all of our updates and in-depth research reports, become a Speedwell Member here. For both companies we have longer, in-depth podcast episodes which you can listen to below. These are evergreen and give a lot of more details on each companies' history, business, industry, and competitve dynamics.  Listen to the CoStar Group Company Podcast Episode here: Apple, Spotify Listen to the Evolution Company Podcast Episode here: Apple, Spotify -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) - Intro  (1:18) - Evolution Update (29:03) - CoStar Group Update  -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this investment focused interview, we talk with Twitter's Sidecar Investor on partnering with great managers, position sizing, sourcing ideas, "stable assumptions", and when to not trust an operator, among much more!  Find out more about Sidecar Investor here and follow him on Twitter @sidecarcap The Mentioned Memo on Home Depot can be found here.  *~*~*~*~*  Get access to all of Speedwell Research's in-depth Research Reports here. If you need help getting Speedwell added as an approved research vendor for your investment firm, please reach out to info@speedwellresearch.com  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (3:57) — Early Examples of Partnering with Great Managers (9:05) — Importance of Managers vs. Moats (15:13) — Owner Operator Companies Upside and Potential Downfall (17:52) —  How Much Can You Trust a Manager (26:47) — Diversification vs Resiliency (30:19) — Lessons in Investing, Valuation, and When to Sell (35:19) — Position Sizing and Holding (40:21) — Macro Role, Capital Intensity, and Moats (51:45) — Sourcing Ideas (58:26) — Gaining and Losing Confidence in Management Teams (1:03:38) — Assumptions, Conservatism versus Accuracy (1:08:40) — Learnings and What Businesses Should People Study More -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *~*~*~*~*  Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our latest Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "Minimum Viable Products versus Maximum Possible Products " Memo Link:  www.SpeedwellMemos.com/mvps-versus-mpps -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Housekeeping (1:06) –Memo Reading Starts (13:24) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this episode we talk about a recent memo, Investing is Just Answering a Series of Questions: Explaining the Reverse DCF We cover what a Reverse DCF is, how do use one, common errors, and how an investor should conceptulize the outputs.  We hope you enjoy!  *~*~* For full access to all of our in-depth research reports, become a Speedwell Member here.  *~*~* Other Speedwell Memos Mentioned in the Discussion The Investment Matching Principle (on the connection between position sizing and risk/ reward)  From Private to Public Markets (touches on VC vs Buffett Investing)  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Memo Overview  (2:57) - Reverse DCF Details (11:46) - Issues with the Terminal Value (18:50) What Makes a Great Investor (31:43) — Basketball Betting Analogy , Getting the Lower Range Correct (37:04) - Mistakes with the Reverse DCF and Mistakes We've Made -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. All views expressed on this podcast do not represent the views of the companies podcast contributors may have worked for. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this wide spanning interview episode we talk with Biz Almanac's Andy on investment philosophy, the differences of Founder-led businesses, as well as many different companies he's written up on his Substack, including TerraVest, Alimentation Couche Tard, Burford, Progressive, TFI, Old Dominion, Spotify, Mercardo Libre, and  more!  Find out more about Biz Almanac's research and writings here and follow him on Twitter @BizAlmanac. -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (0:59) What is your Investment Philosophy? Why focus on Owner Operated Businesses?  (13:47) — How do you pick companies to vette? (19:51) — When to Sell and we discuss a Controversial Study's Conclusions   (34:30) — TerraVest (45:54) — Alimentation Couche Tard (58:09) — Alternative Asset Managers, Apollo Group  (1:04:09) — Burford, Niche Area of Littigation Finance  (1:13:02) — Progressive Insurance  (1:15:26) — What is LTL? TFI and Old Dominion  (1:23:29) — Spotify, Daniel Ek as a Founder  (1:30:02) — Mercado Libre, Developed Markets  vs Developing Markets (1:41:00) — Take Aways and Closing Comments  -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our latest Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "Investing is Just Answering a Series of Questions: Explaining the Reverse DCF" Memo Link:  https://www.speedwellmemos.com/p/investing-is-just-answering-a-series Recomended Article Podcast on Hurdle Rates: (Spotify, Apple)  Or read it here: How Pies, Proofs, and Punch Cards Hold Key Insights into the Cost of Equity -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro and Updates (1:27) –Memo Reading Starts (19:19) – Check out this Memo on Hurdle Rates and the "Right" Discount Rate -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this company episode on CoStar Group, Speedwell Research draws on their extensive research report to cover everything from Founder Andy Florance's entrance into the real estate data space from his Princeton dorm room to becoming the dominant real estate data and analytics provider. Florance not only beat out competition in the commerical data space, but succesfully entered several new markets including taking a fledging apartments listing platform and driving it to the #1 spot. Today CoStar is looking to do it again with Homes.com, while still aggresviely expanding their growing array of internet real estate businesses. Learn the inner workings of the real estate data and markeplace business, as well as how a company succesfully expanded far beyond their original core product and continues to find new markets to fight after. We hope you enjoy!    Company Description: Real estate data & analytics provider and operator of real estate marketplace. Purchase the full CoStar Group Report here.  More details on our CoStar Group Report  here.  Purchase a Speedwell Membership to gain access to all of our Reports here.   -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes Section 1: History and Background (2:45) — High Level CoStar Overview (6:15) — Founding History Starts (16:52) — IPOing  (26:54) —  2008 Financial Crisis  (35:40) — Lawsuits and LoopNet  (49:44) — Apartments.com acquisition (59:46) — Xcelligent Lawsuit and the Last of the Direct Competitors (1:04:56) — Closing Out History and S&P 500 Addition * Section 2: The Business  (1:07:35) — Business Section Overview  (1:21:30) — Multifamily and Apartments.com Business (1:29:00) — Residential Overview (1:30:43) — Loopnet Overview (1:34:07) — Other Businesses/ Wrapping Up Business Section * Section 3: TAM and Industry (1:43:13) — TAM Overview (1:50:29) —  How the Residential Industry Works (2:01:15) — Multifamily Industry * Section 4: Competition (2:08:53) — CoStar Competitors (2:15:35) — Why Does CoStar Win (2:23:48) — Why LoopNet Wins (2:25:30) — Zillow and Apartments.com Competition (2:34:03) — Homes.com vs Zillow * Section 5: Growth Opportunites, Capital Allocation, and Valuation (2:40:45) — International (2:46:38) — ROIC, Free Cash Flow,  (2:54:06) — Dilution and Capital Allocation (3:00:33) — Valuation (3:05:45) — Risks (3:10:50) — Bull / Bear Summary (3:15:50) — Conclusion -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Purchase the full CoStar Group Report here.  More details on our CoStar Group Report  here.  Purchase a Speedwell Membership to gain access to all Reports here.   *~* Twitter: @Speedwell_LLC  Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. At the time of publishing, one or more contributors to the podcast had a position in Costar Group. Furthermore, accounts one or more contributors advise on may also have a position in CoStar Group. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/ 

On this episode we talk about a recent memo, What You Don't Know About Sell-side Price Targets We cover several factors that influence a sell-side analysts' recommendations and explain that price targets don't mean what you think they do. We hope you enjoy!  For full access to all of our in-depth research reports, become a Speedwell Member here.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:19) Memo Overview  (4:51) What Does the Sell-side Do?  (10:12) Tech Bubble Era Sell-Side Analyst (15:14) What is a Price Target and Why it Doesn't Make Sense (20:19) Biggest Unknown Factor that Influences Price Targets  (26:12) Carrer Risk and Other Recommendation Factors  (30:25) Why Sell-side likes to Stay in Consensus (34:44) What could be different about Sell-side research  (30:09) Closing Thoughts  (40:20) Concluding Comments -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. All views expressed on this podcast do not represent the views of the companies podcast contributors may have worked for. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our latest Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "What You Don't Know About Sell-side analyst Price Targets" Memo Link:  https://www.speedwellmemos.com/p/what-you-dont-know-about-sell-side  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:19) –Memo Reading Starts (20:38) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this episode we talk about 2Q24 earnings for Floor & Decor ($FND) and Evolution ($EVO). For both companies we have longer, in-depth podcast episodes which you can listen to below. These are evergreen and give a lot of more details on each companies' history, business, industry, and competitve dynamics.  Listen to the Floor & Decor Company Podcast Episode here: Apple, Spotify  Listen to the Evolution Company Podcast Episode here: Apple, Spotify For full access to all of our in-depth research reports, become a Speedwell Member here. You can also buy indiviudal reports here.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro Evolution Update (1:09) Evolution Discussion Starts (5:24) Biggest Payout Ever  (10:16) Capital Allocation, Galaxy Gaming Acquistion (19:02) Georgia Strike  (24:32) Unregulated Markets and KYC  (27:43) Wrapping Up Evolution Commentary  Floor & Decor Update (29:52) Floor & Decor Overview  (30:23) LL Flooring Background and Bankruptcy (33:10) Macro Impacts  (37:14) Inventory Levels, Gross Margins  (40:04) The "Philosophical" Question on Growth and when to Get Concerned  (48:03) Spartan Acquistion and Pro Business  (51:15) Cash Balances, Bad Guidance, Peers Struggling, Closing Comments -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read an excerpt from our extensive research report of Coupang! If you prefer to read instead of listen to the memo, you can find access to the article below. Memo Link:  https://www.speedwellmemos.com/p/coupang-business-history  Become a Speedwell Member or Purchase the Coupang Single Report Here The Synopsis Coupang Company Podcast Episode: Apple, Spotify -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:05) –Memo Reading Starts (15:32) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this Company episode of The Synopsis we cover Porsche AG. Porsche is a brand that has tried to become "luxury at scale" with over 300k units produced annually versus undisputed luxury car brands who produce closer to ~10k. While their strategy might have diluted their brand, they still enjoy superior positioning compared to most premium car manufacturs like BMW and Mercedes-Benz.  Listen to this episiode to learn not just about Porsche's history and business model, but also about the car industry and different car manufacturer's strategies.  Access the Free Portion of our Porsche AG Exploratory Report Here For full access to all of our in-depth research reports, become a Speedwell Member here.  Memos Referenced in the Episode: Value Capture Index Introduction -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:17) Why Research Porsche?  (3:22) Porsche History  (15:14) Crises in Porsche's History  (18:23) Corporate Structure (24:32) - The Automotive Industry (29:39) - Industry Production Figures and Company Financial Profiles (32:21) Value Capture Index and Competitior Business Models (45:08) ROIC and Earnings Improvements (51:02) Risks and Closing Comments -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of recording no contributor had a position in Porsche AG. Furthermore, accounts contributors advise on also did not currently have a position in Porsche AG. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this episode we talk about a recent memo, What is a Great Business?  Other Memos Mentioned: The Consumer's Hierarchy of Preferences: The Other Side of the Consumer Value Prop For full access to all of our in-depth research reports, become a Speedwell Member here.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:53) Observing versus Creating a Great business (6:07) Great Businesses through the lens of The Consumer's Hierarchy of Preferences  (8:27) Pressure Cooker Metaphor  (15:15) Is Reinvestment Runway a Criteria?  (23:03) Moats and Copart (27:30) CHOP and Disruptions (30:44) Nintendo (34:35) Where does the Surplus Lie? (41:13) Walker & Dunlop  (45:54) Conclusion -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this episode we talk Constellation Software and RH!  Listen to our full company-specific episodes on Constellation Software and RH in our feed if you haven't already!  *Note* After this recording we switched how we record our podcasts, so you should enjoy better sound quality in the future!  Memo Mentioned: The Investment Matching Principle -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:40) Constellation Software Update  (33:09) RH Update  (52:42) Conclusion -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "What is a Great Business?" Memo Link:  https://www.speedwellmemos.com/p/what-is-a-great-company  Check out Speedwell's Interview with Best Anchor Stocks (Spotify, YouTube) -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:01) –Memo Reading Starts (18:37) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/